Norway s Impact on the Canadian Economy

Transcription

1 Norway s Impact on the Canadian Economy October

2 Table of Contents Executive Summary... 1 Norway and Canada: An Important and Long-Standing Economic Relationship... 3 The Canada-Norway Trade Relationship... 4 Merchandise Trade... 4 Products... 4 Services and Investment... 4 Jobs Created by Norwegian and Norwegian-Affiliated Firms... 5 Impact of Norwegian Foreign Direct Investment... 6 Portfolio Investment through the Government Pension Fund Global... 7 Exploring Economic Clusters... 8 Aquaculture in British Columbia... 8 Oil and Gas... 9 Offshore Oil and Gas in Newfoundland and Labrador... 9 Alberta s Oil Sands...10 Strengthening the Framework for Closer Trade and Investment Relations Opportunities for Norwegian Investment in Canada Information and Communications Technology (ICT)...11 The Arctic...12 Conclusion Endnotes References This report was prepared by Dawson Strategic for the Royal Norwegian Embassy in Ottawa. October

3 1 Executive Summary This report explores the economic relationship between Norway and Canada to determine: How many jobs are created by Norwegian companies and affiliates 1 operating in Canada? What is the economic impact on Canada of Norwegian foreign direct investment (FDI)? What is the economic impact on Canada of investments by Norway s Government Pension Fund Global (GPFG) in Canada? What are potential areas for new investment by Norwegian firms in Canada? Highlights from economic modelling 2 and analysis: There are 73 Norwegian companies operating in Canada. 3 Norway contributes 4.26 billion 4 in FDI 5 in Canada. 6 Norway and Canada trade 4.2 billion in merchandise 7 and 643 million in services. 8 Canada exports more to Norway than to all other Nordic countries combined. 9 Norwegian companies and affiliates provide more than 4,400 permanent jobs for Canadians. 10 Norwegian FDI supports over 2,000 Canadian jobs and 665 million per year in Canadian GDP. 11 Norway s Government Pension Fund Global (GPFG) invests 16.6 billion in fixed income and 27.5 billion in equities in Canada. 12 GPFG has equity investments in 270 Canadian companies. 13 GPFG supports over 35,000 jobs and 4.7 billion in Canadian GDP. 14 Canada s exports to Norway create 13,500 Canadian jobs and boost GDP by over 1.2 billion. 15 Norway s Impact on the Canadian Economy

4 CANADA-NORWAY Canada s exports to Norway boost GDP by 4.2 Norway is the DK, FI, IS, SE Norwegian and Norwegian-affiliated companies in Canada Norway has 4.3 billion billion in foreign direct investment in Canada billion merchandise trade 643 th million trade in services and billion in equities billion in fixed income Canada exports more to Norway than all other Nordic countries combined CANADA S ECONOMIC RELATIONSHIP WITH NORWAY CREATES AN ESTIMATED 54, largest source of oil imports to Canada NO Norway s Government Pension Fund Global invests in Canada Jobs contributing billion to GDP billion to Canada s capital stock and 35,000 13,500 4,400 2,000 f rom investment by Norway s government pension fund from Canada s exports to Norway f rom Norwegian and Norwegian-afilliated companies f rom Norwegian foreign direct investment

5 3 Norway and Canada: An Important and Long-Standing Economic Relationship Norway and Canada have a strong trade and investment relationship built on complementary resource endowments, similar levels of development, and shared interests and values. Because both Norway and Canada are advanced economies, basic trade is augmented by research and collaboration opportunities to help both countries deal with our similar geography and climate. Norway s investment in Canada supports Canadian GDP and jobs, and Norwegian investment supplies Canada s economy with much-needed capital. In spite of the heavily materials-based outputs of both countries, the relationship makes a unique contribution to the knowledge and innovation economy. Because both Norway and Canada are advanced economies, basic trade is augmented by research and collaboration opportunities to help both countries deal with our similar geography and climate. Table 1: Canada-Norway Overview NORWAY CANADA Population 5.1 million 35.5 million GDP US billion US 1.8 trillion Per Capita GDP US 97, US 50, Population Density 14 4 % of GDP from 10.7 Natural Resources 5.1 Ease of Doing Business Index 6 16 Human Development Index Ranking 1 8 Source: The World Bank (2014), except Human Development Ranking from the United Nations (2013). The Ease of Doing Business Index assigns higher rankings to countries with better regulations for businesses and stronger protection of property rights. Norway s Impact on the Canadian Economy

6 4 The Canada-Norway Trade Relationship Merchandise Trade In 2014, Canada-Norway merchandise trade totalled 4.2 billion, made up of 2.2 billion in Canadian exports to, and 2.0 billion in imports from, Norway. Norway was Canada s 14th largest export destination worldwide in 2014 and Canada s 22nd largest source of imports, more than Sweden, Australia, or Ireland. At the provincial/territorial level, Ontario and Quebec together accounted for 88.6 percent of the value of Canada s exports to Norway in 2014, with exports valued at 1.8 billion and million respectively. Exports to Norway support 1.2 billion in Canadian GDP and about 2.1 billion of Canada s capital stock, as well as over 13,500 Canadian jobs. In addition, Canadian investment in Norway contributes 315 million to Canada s Gross National Product (GNP) each year. 16 Products 17 In 2014, manufactured goods accounted for 91.7 percent of the value of Canada s exports to Norway, with resource-based goods representing another 8.1 percent. Canada s highest-valued exports to Norway in 2014 were nickel mattes, copper mattes, and crude petroleum oils which together accounted for 80.4 percent of the value of Canada s exports to the country. In 2014, manufactured goods represented 29.3 percent of the value of Canada s imports from Norway, with resource-based goods accounting for the remaining 70.6 percent. Canada s highestvalued imports from Norway in 2014 were crude petroleum oil, light oils and preparations, and ferro-manganese, which together accounted for 76.8 percent of the value of Canada s imports from the country. Services and Investment 18 In 2013, the most recent year for which data are available, Canada-Norway services trade totalled 643 million, comprising 313 million in Canadian exports to, and 330 million in imports from, Norway. The stock of Canadian direct investment in Norway totalled 3.1 billion in 2014, making it Canada s 27th largest destination for foreign investment abroad. In 2014, the stock of Norwegian direct investment in Canada totalled 4.2 billion, making it the 15th largest source of foreign investment in Canada. Figure 1: Canada s Exports to Norway by Province/Territory Canada-Norway Exports 2014 by Province/Territory 2014 Ontario 81.7% *all other Provinces and Territories Manitoba 0.4% British Columbia 1.2% Quebec 6.8% Newfoundland And Labrador 4.2% Nova Scotia 2.9% Alberta 2.1% * New Brunswick (0.1), Saskatchewan (0.06), Prince Edward Island (0.004), Nunavut (0.002), Northwest Territories (0.0007), Yukon (0.0002). Source: Trade Data Online, Industry Canada. Accessed September 16, October 2015

7 5 Jobs Created by Norwegian and Norwegian-Affiliated Firms In a modern, globalized economy, foreign investment is an integral part of supply chain competitiveness and expansion. FDI creates jobs. As of September 2015, there are 73 Norwegian and Norwegian-affiliated companies operating in Canada, and these companies employ more than 4,400 Canadians in permanent positions across the country. Figure 2: Norwegian Investment and Business Activity by Province Yukon Territory Northwest Territories Nunavut BRITISH COLUMBIA ALBERTA MANITOBA NEWFOUNDLAND & LABRADOR SASKATCHEWAN ONTARIO QUEBEC NEW PEI BRUNSWICK NOVA SCOTIA Norway s Impact on the Canadian Economy

8 6 Impact of Norwegian Foreign Direct Investment Norwegian FDI in Canada plays an important role in the economy. Norway is the 15th largest source of FDI in Canada. Norwegian FDI supports 665 million in Canadian GDP annually. Norwegian FDI results in nearly 5 billion in additional capital stock in Canada and supports nearly 2,000 jobs. 19 The Canadian Chamber of Commerce identifies access to capital as one of the top four issues facing Canadian businesses in its 2015 election Foreign Direct Investment (Millions of Cad) Figure 3: Foreign Direct Investment (Millions of CAD) wish list, noting: Many top Canadian companies and entrepreneurs look to investors and early adopters outside of Canada for funding. In addition to building up our [venture capital] industry, we must do more to attract international capital and foreign VCs. 20 Norway s investments, both through FDI and through the Government Pension Fund Global, help to meet the Canadian demand for capital Canadian Direct Investment in Norway Trend (Canadian FDI in Norway) Norwegian Direct Investment in Canada Trend (Norwegian FDI in Canada) Source: Statistics Canada. Table International investment position, Canadian direct investment abroad and foreign direct investment in Canada, by country, annual. Accessed: September 16, Note: The spike in Canadian direct investment abroad to Norway in 2012 was likely due to one or two large investments such as the Couche Tard acquisition of Statoil Fuel and Retail and/or Statoil s sale of its stake in gas transportation unit owner Gassled to Solveig Gas Norway, but payments may be spread out over several years and investments may not go directly from home country to host. For more information, see the report "Norway and Canada Trade: Overview and Opportunities" by Dawson Strategic. October 2015

9 7 Portfolio Investment Through the Government Pension Fund Global Revenues from Norway s oil activities have supplied the GPFG, the world s largest sovereign wealth fund, with significant financial assets to invest in companies all over the world. As of December 31, 2014, the GPFG had 270 holdings in Canadian equities and 65 holdings in Canadian fixed income securities. 21 The total supply of capital from GPFG investments is estimated at 25 billion and these investments support up to 4.67 billion in Canadian GDP 22 and over 35,000 Canadian jobs. 23 Norway s GPFG invests heavily in well-known Canadian companies, including Tim Horton s, Hudson s Bay Company, and Bombardier. These investments make Norway a partner in the success of Canadian companies and the Canadian economy. Figure 4: GPFG Impact on Canada s Economy Norway s Government Pension Fund Global invests in Canada 16.6 and billion in fixed income contributing 4.7 Financials billion to GDP 35, billion in equities 5.0 and billion to Canada s capital stock jobs created from investment by Norway s government pension fund Figure 5: GPFG Equity Investments by Sector Industrials Oil & Gas Basic Materials Health Care Technology Utilities Consumer Services Telecommunications Source: Norges Bank Investment Management: The Fund Holdings Norway s Impact on the Canadian Economy

10 8 Yukon Territory Exploring Economic Clusters Norwegian investment and expertise is concentrated in a couple of key, regionallyfocused sectors in Canada, namely: aquaculture, offshore oil and gas, and the Alberta oil sands. Aquaculture in British Columbia BRITISH COLUMBIA Aquaculture is an important sector for the Canadian economy, providing jobs and investment in every province, as well as the Yukon. 24 The aquaculture sector employs over 8,000 Canadians, 25 overwhelmingly in British Columbia, New Brunswick, and Newfoundland and Labrador. Over 90 percent of the jobs supported by the sector, both direct and indirect, are located in rural, coastal communities, many of which contribute to First Nations employment. As a result, the industry plays a disproportionately important role in revitalizing and sustaining entire communities, which may have few other viable industries. Of the 8,000 jobs supported by aquaculture in Canada, Norwegian and Norwegian-affiliated companies are directly responsible for more than 1,027 permanent jobs in Canadian aquaculture. 26 Norwegian firms are major players in BC aquaculture. The companies Marine Harvest, Cermaq, and Grieg Seafood together hold 87 percent of valid finfish licenses in the province. 27 Norwegians are by far the largest finfish farmers in the world, and they bring with them many innovations that are helping Canadian Northwest Territories Nunavut aquaculture to become more environmentally sustainable, producing healthier and more nutritious fish. All of Marine Harvest and Cermaq farms and six Grieg Seafood farms are three-star Global Aquaculture Alliance BAP Certified, and Marine Harvest and Cermaq have achieved ISO certification, showing their commitment to environmental sustainability. Marine Harvest, Cermaq, and Grieg Seafood also work closely with First Nations bands and First Nations-owned companies, MANITOBA as well as the BC government s Aboriginal Training and Employment SASKATCHEWAN Program. Through these initiatives, Norwegian ONTARIO companies operating in Canada are helping to train and employ aboriginal Canadians and to rebuild wild salmon stocks in the province. 28 There are 10 Norwegian and Norwegian-affiliated companies operating in British Columbia s aquaculture sector, directly employing more than 1,000 Canadians in permanent positions. Figure 6: Employment in Canadian Aquaculture Non-Norwegian employment Employment by Norwegian firms in British Columbia Source: Canadian Aquaculture Industry Alliance and authors calculations. October 2015

11 9 Oil and Gas 18 Norwegian firms operate in the Canadian oil and gas sector with over 1,191 permanent employees, not including contract workers on construction projects. These firms and employees are located mainly in Newfoundland and Labrador and Alberta. 29 Offshore Oil and Gas in Newfoundland and Labrador NEWFOUNDLAND & LABRADOR The commitment of NEW Norwegian PEI firms to research, BRUNSWICK technology, and quality is what distinguishes them NOVA as a foreign investor in Canada, SCOTIA particularly in Canada s offshore oil and gas industry. Norwegian firms are leaders in environmentally sound exploration, production and development in harsh, sub-sea conditions. Norway s Statoil holds interests in several exploration, development, and production licenses for offshore Newfoundland, and the company is also a partner in several mega-projects. 30 The company s leadership and transfer of technology into offshore operations has been critical in developing the region to its highest potential. 31 Statoil has made three discoveries in the Flemish Pass Basin and has proven over a half a billion barrels of recoverable oil in the area. The 2013 Bay du Nord discovery was the largest discovery in the world that year and the largest for Statoil outside of Norway. Beyond Statoil, Norwegian firms play a critical role in the offshore oil and gas services sector, having developed advanced technologies and techniques for deep-water drilling in some of the harshest conditions imaginable. Norwegian firms have significant expertise in enhanced oil recovery, increasing the amount of crude oil that can be extracted from an oil field. In a 2014 visit to St. John s, Newfoundland, Norwegian State Secretary Bard Glad Pedersen noted the similarities between Norwegian and Canadian offshore industries and the prospects for partnership to advance research, exploration and development, particularly in remote, northern sites. 32 Eastern Canada depends on Norwegian energy. Norway is the fourth largest source of foreign oil imported into Canada by value, accounting for 5.8 percent of total imports. 33 Although Canada is a net exporter of crude oil, it relies on imports from abroad, largely into Eastern Canada, because of a lack of infrastructure connecting western oil supplies to eastern markets. 34 Figure 7: Top Five Sources of Imported Oil COUNTRY IMPORTS (CAD) USA 12,672,964 Saudi Arabia 2,542,929 Iraq 1,852,243 Norway 1,852,243 Algeria 1,336,318 Source: Industry Canada Trade Data Online Canadian Imports, Crude petroleum oils and oils obtained from bituminous minerals, Norway s Impact on the Canadian Economy

12 10 Yukon Territory Northwest Territories Nunavut Alberta s Oil Sands ALBERTA Canada s oil sands are facing a new reality: gone are the days of ample capital to develop megaprojects. With the fall in the global oil price and other factors, such as lack of infrastructure and rising labour costs, many future projects are being sidelined. This is a challenging investment climate for the oil patch. Thus, stable, longterm investors like Statoil Canada Ltd. are more important now than ever. As a sign of its commitment to environmentallysustainable energy development, Statoil Canada Ltd. is a member of Canada s Oil Sands Innovation Alliance (COSIA), a group of production companies focused on improving environmental performance. To date, the 13 member companies have shared 777 distinct technologies and innovations, with a cost of over 950 million to develop. this goal. Company-specific environmental performance targets include a reduction in carbon dioxide (CO 2 ) intensity by 25 percent by 2020, further development of technologies to reduce CO 2 intensity by a total of 40 percent by 2025, and a reduction in water intensity by 45 percent by NEWFOUNDLAND & LABRADOR Statoil meets and often exceeds the Government ONTARIO of Alberta s requirements for reducing and mitigating the impacts of oil sands development on air, water, wildlife, and land. NEW PEI BRUNSWICK As further indication of the long-term nature of Statoil s Canadian commitment, Statoil Canada s Heavy Oil Technology Centre is the first technology centre outside of Norway to focus on developing energy efficient and smart solutions to support improved hydrocarbon recovery and excellence. Norwegian companies and affiliates in the oil sands are not immune to the downturn of activity spurred by the drop in the global oil price. However, as Canadian provinces, including Alberta, develop and implement carbon pricing mechanisms, Norwegian companies are well positioned to leverage their expertise in sustainable resource development. NOVA SCOTIA Statoil s oil sands strategy is to use as little energy and water as practical to recover in situ bitumen. The company has set a target to reduce the volume of steam (water plus energy) used to produce a barrel of bitumen by 10 to 15 percent, and they will test a group of 14 technologies over the next 5 to 10 years to achieve October 2015

13 11 Strengthening the Framework for Closer Trade and Investment Relations Canada and Norway embarked on a path of closer trade relations through the Canada-European Free Trade Association (CEFTA) agreement in This could be strengthened through updated foreign investment protection and promotion rules, such as through a Foreign Investment Promotion and Protection Agreement (FIPA). Now is an ideal time to pursue closer trade and investment relations, triangulating the benefits of Norway s closely integrated trade with the EU and Canada s recently completed free trade agreement with the EU, the Canada- EU Comprehensive Economic and Trade Agreement (CETA). Figure 8: Canada-Norway Trade and Investment Relationship and Norwegian-affiliated 73Norwegian companies in Canada Norway 4.3 has billion in foreign direct investment in Canada Opportunities for Norwegian Investment in Canada Information and Communications Technology (ICT) As a society, Norwegians are some of the top percapita users of information and communications technology (ICT) in the world and they also have some of the highest spending per capita on ICT. Norway ranks sixth on the International Telecommunication Union s ICT Development Index, which ranks countries performance in terms of ICT infrastructure, use, and skills. 35 Norway is an advanced ICT country with related industries that are robust and globally competitive. Norway s ICT expertise has developed around the country s more traditional sectors like oil and gas, aquaculture, and the shipping industry. However, it also has expertise in niche areas such as food traceability, mobile banking solutions, micropayment, and customer relationship management (CRM) technologies. 36 Because of the ICT synergies, Ontario s Technology Corridor, in Southwestern Ontario provides attractive investment options for Norwegian companies. Encompassing the Greater Toronto Area and Kitchener-Waterloo, this region is known for its high tech expertise and entrepreneurial spirit. DK, FI, IS, SE NO Canada exports more to Norway than all other Nordic countries combined 4.2 billion merchandise trade 643 million trade in services Norway s Impact on the Canadian Economy

14 12 The Arctic Russia KARA SEA LAPTEV SEA EAST SIBERIAN SEA NORTH PACIFIC OCEAN BERING SEA NORWEGIAN SEA ARCTIC OCEAN Norway GREENLAND SEA CHUKCHI SEA United States Finland Sweden BARENTS SEA BEAFORT SEA Greenland BAFFIN BAY Canada The Arctic region is experiencing immense climatic and oceanic change that brings with it both challenges and opportunities for Arctic countries such as Canada and Norway.37 The region is home to vast untapped natural resources like oil, gas, and mineral reserves. As Chair of the Arctic Council from 2013 to 2015, Canada focused on the importance of economic development in the North. However, development of any form in the Arctic is not only logistically difficult, but most countries recognize the importance of stringent environmental safeguards October 2015 Iceland DAVIS STRAIT NORTH ATLANTIC OCEAN to protect the sensitive ecosystem. Norwegian companies have a role to play in Canada s Arctic development though the opportunities are long-term in nature, given that Canada s Arctic region lacks the basic infrastructure (e.g. marine shipping terminals) to support significant commercial activity in the region. Groups like the Centre for International Governance Innovation have emphasized the critical role maritime transport and infrastructure investment will play for the sustainable development of Canadian Arctic communities.38

15 13 Conclusion Trade and investment with Norway have proven benefits for Canada s economy. The relationship between the two economies has an opportunity to build on the existing partnership for a stronger Canada and a stronger Norway. Norwegian investment is helping Canada to support economic communities that have struggled in the past, such as in Newfoundland and Labrador and rural British Columbia, and to invest in a more sustainable future, as in aquaculture and Alberta s oil sands. An improved trade and investment relationship between Norway and Canada can play a key role in a strong and prosperous Canada. Norway s Impact on the Canadian Economy

16 14 Endnotes 1 Norwegian and Norwegian-affiliated companies are defined as companies with more than 50% Norwegian ownership. This conservative definition likely underestimates the overall impact of Norwegian companies in Canada. 2 Please refer to Ciuriak and Xiao (2015), The Impact on Canada of the Economic Relationship with Norway Ciuriak Consulting (September), for a thorough explanation of quantitative conclusions and methods. 3 List of companies provided by the Royal Norwegian Embassy in Ottawa. 4 All dollar amounts are CAD unless otherwise specified. 5 Stock investment generating an income flow. 6 Statistics Canada, Canada s Trade Facts, International Commerce By Country: Norway, accessed Sept 10, All figures in merchandise trade and products were prepared using 2014 data based on Industry Canada figures and authors calculations. Resource-based goods include Agriculture, Forestry, Fishing and Hunting; Mining and Oil and Gas Extraction. (Industry Canada, Trade Data Online, accessed September 10, 2015). 8 All figures in services and investment were prepared using 2013 trade in services data and 2014 FDI data based on Statistics Canada figures. (Statistics Canada. Table International transactions in services, by selected countries, annual (dollars), accessed September 9, 2015.) 9 Industry Canada, Trade Data Online, accessed September 10, Calculations by authors based on contact with 58 of 73 companies on a list of Norwegian firms. 15 firms did not respond to requests for employment information. Because of economic and seasonal fluctuations in employment, some contract and temporary employees were excluded from this number. 11 Ciuriak and Xiao, As of 31 December Norges Bank Investment Management: The Fund Holdings. USD amount was converted to CAD using the same methodology as in Ciuriak and Xiao (2015). 13 As of 31 December Norges Bank Investment Management: The Fund Holdings. USD amount was converted to CAD using the same methodology as in Ciuriak and Xiao (2015). 14 Ciuriak and Xiao, Ciuriak and Xiao, Ciuriak and Xiao, Note that whereas gross domestic product measures the income generated in Canada, which might flow to Canadians or to firms or persons in third countries, gross national product measures income accruing to Canadians, whether earned in Canada or earned abroad. Earnings on Canadian investment in Norway thus contribute to GNP, but not to GDP. 17 All figures in merchandise trade and products were prepared using 2014 data based on Industry Canada figures and authors calculations. Resource-based goods include Agriculture, Forestry, Fishing and Hunting; Mining and Oil and Gas Extraction. (Industry Canada, Trade Data Online, accessed September 10, 2015). October 2015

17 15 18 All figures in services and investment were prepared using 2013 trade in services data and 2014 FDI data based on Statistics Canada figures. (Statistics Canada. Table International transactions in services, by selected countries, annual (dollars), accessed September 9, 2015.) 19 Ciuriak and Xiao, Canadian Chamber of Commerce, 2015, A Canada that Wins: The National Election Platform of the Canadian Chamber of Commerce, May. 21 As of 31 December Norges Bank Investment Management: The Fund Holdings. 22 Ciuriak and Xiao, Ciuriak and Xiao, Canadian Aquaculture Industry Alliance: Economic Benefits. 25 Canadian Aquaculture Industry Alliance: Economic Benefits. 26 Based on direct contact with and research of Norwegian firms in Canada by the authors. 27 Department of Fisheries and Oceans, Current Valid Marine Finfish British Columbia Aquaculture License Holders as of July 29, MNP LLP on behalf of the BC Salmon Fishers Association (2015), Economic Impact Study of the BC Farm-Raised Salmon Industry. February. 29 Based on direct contact with and research of Norwegian firms in Canada by the authors. These numbers include businesses classified as operating in Fossil Fuels, Transportation Services (of fossil fuels), Other Business Services (fossil fuels), Fossil Fuels (equipment and services), and Machinery and Equipment (fossil fuels). 30 Olivero, Tina (2015), Statoil Pioneers of Oil Discovery in Offshore Newfoundland and the Arctic, The OGM, 26 June. 31 Olivero, Tina (2015), Statoil Pioneers of Oil Discovery in Offshore Newfoundland and the Arctic, The OGM, 26 June. 32 Fitzpatrick, Ashley (2014), Norwegians Descend on St. John s, The Telegram, 1 October. 33 Industry Canada, Trade Data Online, accessed September 10, National Energy Board (2014), Canadian Crude Oil Imports Decline, Market Snapshots, 13 November. 35 International Telecommunications Union (2014), Measuring the Information Society Report 2014, Geneva: ITU. 36 Canadian Trade Commissioner Service (2012), Information and Communications Technology Profile Oslo Norway, Government of Canada: Department of Foreign Affairs and International Trade (now Department of Foreign Affairs Trade and Development), June. 37 Higginbotham, John and Marina Grosu (2014), The Northwest Territories and Arctic Maritime Development in the Beaufort Area, Policy Brief: No. 40, May. 38 Higginbotham, John, Charron, Andrea, and James Manicom (2012), Canada-US Arctic Marine Corridors and Resource Development, Policy Brief: No. 24, November. Norway s Impact on the Canadian Economy

18 16 References Canadian Aquaculture Industry Alliance: Economic Benefits. Canadian Chamber of Commerce (2015), A Canada that Wins: The National Election Platform of the Canadian Chamber of Commerce, May. Available at: election-2015-a-canada-that-wins/ Department of Fisheries and Oceans, Current Valid Marine Finfish British Columbia Aquaculture License Holders as of July 29, Available at: Canadian Trade Commissioner Service (2012), Information and Communications Technology Profile Oslo Norway, Government of Canada: Department of Foreign Affairs and International Trade (now Department of Foreign Affairs Trade and Development), June. Available at: enterprisecanadanetwork.ca/_uploads/resources/information-and-communications-technology- Profile-Norway.pdf Dawson Strategic (2013), Norway and Canada Trade: Overview and Opportunities, submitted to the Royal Norwegian Embassy in Ottawa, 13 November. Fitzpatrick, Ashley (2014), Norwegians Descend on St. John s, The Telegram, 1 October. Available at: John%26rsquo%3Bs/1 Higginbotham, John, Charron, Andrea, and James Manicom (2012), Canada-US Arctic Marine Corridors and Resource Development, Policy Brief: No. 24, November. Available at org/sites/default/files/no24v4.pdf Higginbotham, John and Marina Grosu (2014), The Northwest Territories and Arctic Maritime Development in the Beaufort Area, Policy Brief: No. 40, May. Available at: org/sites/default/files/cigi_pb_40.pdf Industry Canada, Trade Data Online. Available at: International Telecommunications Union (2014), Measuring the Information Society Report 2014, Geneva: ITU. Available at: mis2014/mis2014_without_annex_4.pdf MNP LLP on behalf of the BC Salmon Fishers Association (2015), Economic Impact Study of the BC Farm-Raised Salmon Industry. February. Available at: uploads/2015/01/1_bcsfa_2014_econimpactstudy.pdf National Energy Board (2014), Canadian Crude Oil Imports Decline, Market Snapshots, 13 November. Available at: October 2015

19 17 Norges Bank Investment Management: The Fund Holdings. Available at: Olivero, Tina (2015), Statoil Pioneers of Oil Discovery in Offshore Newfoundland and the Arctic, The OGM, 26 June. Available at: Statistics Canada, Canada s Trade Facts, International Commerce By Country: Norway, accessed Sept 10, aspx?lang=eng Statistics Canada, Table International transactions in services, by selected countries, annual (dollars). Available at: Norway s Impact on the Canadian Economy

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